CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

for financial year 2022-23

[Pursuant to Section 135 of the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014]

1. Brief outline on Corporate Social Responsibility (CSR) Policy of the Company:

The CSR Policy articulates the Company’s approach and commitment to sustainable and inclusive social development by
improving the quality of life of the communities it serves. Engage, Equip and Empower is the cross-cutting theme of the
various projects initiated under the three verticals namely: Sustainable Livelihood, Community Development and issues of
National Importance. Sustainable livelihood is the flagship program which focusses on building employability of Youth from
underprivileged section of the society. Community Development deals with Water, Health and Education, and emphasises on
community participation and ownership and works on projects for sustainable outcomes. Issues of National Importance deals
with the thematic areas like Disaster Management, Sanitation and Affirmative Action.

2. Composition of CSR Committee:

Sl. Name of Director Designation / Nature of Directorship Number of Number of
No. meetings of CSR meetings of
Committee held CSR Committee
during the year attended during
the year
1 Mr. Noel Tata Chairman, Non- Independent, Non-Executive Director 1 1
2 Mr. Pradeep Bakshi Member, Managing Director & CEO 1 1
3 Mr. Bahram N. Vakil Member, Independent Director 1 1
4 Ms. Anjali Bansal Member, Independent Director 1 1

3. Web-link(s) where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are disclosed
on the website of the Company:
T he CSR activities undertaken are within the broad framework of Schedule VII of the Companies Act, 2013. Details of the CSR
Committee composition, CSR Policy and projects/ programmes undertaken by the Company along with the implementing
agencies / partners are available on links given below:

(i) CSR Committee Composition and CSR Policy:

https://www.voltas.com/images/_ansel_image_collector/CSR_Policy_%28Revised%29_11102021.pdf

(ii) CSR Projects programmes undertaken by the Company:


h ttps://www.voltas.com/images/_ansel_image_collector/CORPORATE_SOCIAL_RESPONSIBILITY_PROJECTS__
PROGRAMMES.Pdf

4. Executive Summary of Impact Assessment of CSR projects, during 2022-23:

The Company has during 2022-23 carried out Impact Assessment on Sustainable Livelihood programmes implemented through
27 Skill Development Centres across India, by KPMG Assurance and Consulting Services LLP (KPMG) and on two separate
CSR projects of National Importance relating to Integrated Sanitation programme in 10 villages near Waghodia, Gujarat and
Participatory Ground Water Management and Sustainable Agriculture programme in 6 villages in Beed, Maharashtra, by Price
Waterhouse Chartered Accountants LLP (PW). The executive summary of the Impact Assessment Reports of KPMG and PW is given
as Annexure ‘A’. The web-links for their full reports are as under:

•  ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-SustainableLivelihoodProgram-
h
March2023.pdf

Annual Report 2022-23 133

 •  ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-ParticipatoryGroundwaterManagementa
h
ndSustainableAgricultureProgram-March2023.pdf
•  ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-IntegratedSanitationProgram-
h
March2023.pdf

5. (a) Average net profit of the Company as per Section 135(5): ` 717.46 crores.
(b) Two percent of average net profit of the Company as per Section 135(5): `14.35 crores.
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set-off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year [(b)+(c)-(d)]: ` 14.35 crores.

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): ` 13.45 crores.
(b) Amount spent in Administrative overheads: ` 0.73 crore.
(c) Amount spent on Impact Assessment, if applicable: ` 0.42 crore.
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 14.60 crores.
(e) CSR amount spent or unspent for the Financial Year:

Total Amount Spent Amount Unspent (` in crores)

for the Financial Total Amount transferred to Amount transferred to any fund specified under
Year (` in crores) Unspent CSR Account as per Schedule VII as per second proviso to Section 135(5)
Section 135(6)
Amount Date of transfer Name of the Amount Date of transfer
Fund
14.60 Nil NA NA Nil NA

(f) Excess amount for set-off, if any:

Sl. No. Particular Amount

(` in crores)
(1) (2) (3)
(i) Two percent of average net profit of the Company as per Section 135(5) 14.35
(ii) Total amount spent for the Financial Year 14.60
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 0.25
Surplus arising out of the CSR projects or programmes or activities of the previous
(iv) -
Financial Years, if any
(v) Amount available for set-off in succeeding Financial Years [(iii)-(iv)] 0.25

7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Preceding Amount Balance Amount Amount transferred Amount Deficiency,
No. Financial transferred to Amount in Spent to a Fund as specified remaining to if any
Year(s) Unspent CSR Unspent CSR in the under Schedule VII as be spent in
Account under Account under Financial per second proviso of succeeding
Section 135(6) Section 135(6) Year section 135(5), if any Financial Years
(₹ in crores) (₹ in crores) (₹ in crores) Amount Date of (₹ in crores)
(₹ in crores) transfer
1 2021-22 Nil Nil 12.94 Nil NA Nil Nil
2 2020-21 Nil Nil 11.71 Nil NA Nil Nil
3 2019-20 NA Nil 10.10 Nil NA Nil Nil

134 Voltas Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in
the Financial Year:
Yes No

If yes, enter the number of Capital assets created/acquired : Not Applicable

Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the

Financial Year: Not Applicable

(1) (2) (3) (4) (5) (6)

Sl. No. Short particulars of the Pincode Date of Amount Details of entity/ Authority/ beneficiary of
property or asset(s) of the creation of CSR the registered owner
[including complete property amount CSR Registration Name Registered
address and location of or asset(s) spent Number, if Address
the property] applicable
None NA NA Nil NA NA NA
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal Corporation/
Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)

9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section 135(5):
Not Applicable

Pradeep Bakshi Noel Tata

Managing Director & CEO Chairman – CSR Committee
Place: Mumbai Place: Mumbai

Date: 26 April, 2023

Encl: Annexure ‘A’

Annual Report 2022-23 135

ANNEXURE ‘A’
Executive summary of Impact Assessment Studies:
I. Sustainable Livelihood Programmes:
The Company has through its various implementing
partners such as Tata Community Initiative Trust (Tata
Strive), Greysym Learnings Foundation, GMR Varalakshmi
Foundation, Care Foundation, etc., promoted sustainable
livelihood and economic development through youth
employment, education and training from 27 Skill
Centers spread across 13 States in India, to enhance
the skillsets and make the youth/candidates industry
ready. The Company offers technical courses in room
air conditioning (RAC), commercial air conditioning
(CAC), plumbing and electrical, which are industry-
oriented and relevant to market requirements. The non-
technical courses include banking, financial services and
insurance, retail, IT-enabled services, tally and accounting,
nursing assistant and tailoring. The Company has up to
2022-23 trained over 23,000 youths through its technical
and non-technical programmes.
Recognition of Prior Learning (RPL) programme helps the
existing workforce with skill upgradation and certification
and this initiative positively impacts the work efficiency,
productivity and income of the existing unskilled
and semiskilled technicians. Over 16,500 RAC/CAC
technicians have been formally trained and certified
under the RPL programme.
The aforesaid courses are conducted by experienced
trainers and they combine classroom lectures with
practical training to provide a holistic learning experience.
During 2022-23, the Company appointed KPMG to
study the status and impact of CSR intervention under
Sustainable Livelihood, including the perception amongst
key stakeholders. KPMG covered 558 trainees and 180 key
stakeholders, including candidates currently enrolled and
undergoing training at the Skill Centers, candidates who
have already completed their training, candidates certified
through RPL programme, parents, staff of Skill Centers
and employers. The study adopted a mixed method
approach leveraging both, quantitative and qualitative
research and was conducted across 11 locations of Voltas
training centres through in-person interactions and
136 Voltas Limited
the RPL candidates were consulted virtually. Interviews
and focused group discussions were conducted with
other stakeholders, including parents, employers, and
implementing partners to gain their insights. Majority of
the parents reported that the training was very helpful
to improve the technical/non-technical knowledge and
crucial to make the youths employable across industries.
They also complimented Voltas for such free of cost
programmes to ensure social mobility and access to
equal opportunities. The Employers reported that they
conducted on-campus recruitment drive to assess the
knowledge of the candidate about the sector and final
fitment before offering the job. They were generally
satisfied with the performance of the candidates. The
Centre staff reported that the programme covered all
important aspects of skill training, including practical
exposure, distinct pedagogy, lectures and trainings
from Subject Matter Experts ensuring robust internal
assessments and certifications.
The key findings of their study are as under:
• 9 8% respondents expressed that the curriculum is
relevant.
• 9 6% respondents expressed complete satisfaction
about improved knowledge and skill.
• 8 2% respondents reported to be in jobs, while 18%
have turned entrepreneurs.
• 8 5% respondents reported increase in the household
income after placements.
II. Integrated Sanitation Programme:
The Integrated Sanitation programme provides Water,
Sanitation and Hygiene (WASH) intervention in 10 villages
of the Waghodia District in Gujarat and was implemented
through Coastline Salinity Prevention Cell (CSPC), an
independent agency. These interventions include
construction of toilets, menstrual hygiene management
training for women, water-connectivity support for daily
chores of households, WASH infrastructural support for
Anganwadis and Schools, and provision of soak-pits
and vermicomposting beds. Voltas Waghodia plant
 CORPORATE OVERVIEW
officials and volunteers played a pivotal role in shaping
up the project through regular ideation and support in
implementing and monitoring the programme.
Menstrual Health Management (MHM) awareness was
conducted through workshops, with women across
different age groups on structured modules. The water-
connectivity initiative has brought water directly at the
homes of beneficiaries and has become a self-sustaining
community activity. Anganwadi centres and schools were
supported either in the form of drinking water facilities,
repair/ construction of toilets or overall beautification of
the institution.
The Company appointed PW to assess the overall impact
of these interventions. For this study, PW collected a
sample size of 144 beneficiaries through focus group
discussions and in-depth interviews. Additionally, 41
physical visits through purposive sampling for constructed
The Company appointed PW to assess the impact of the
toilets, soak pits, vermicompost units and WASH support
provided to Anganwadis and Schools were conducted.
The key findings of PW are as under:
• 1 00% respondents reported using the toilets, soak-
pits and water pipeline constructed during the
programme.
• 1 00% respondents can identify and share about
the health benefits of usage of toilets, soak-pits and
water pipeline constructed during the programme.
• 9 2% women respondents reported doing away with
myths and misconceptions regarding menstrual
cycle, except for the religious ones.
• 8 5% women respondents reported having access to
hygienic menstrual cycle management mechanisms.
• 6 7% of beneficiaries belong to Scheduled Caste
(SC) and Scheduled Tribe (ST) category contributing
towards the Affirmative Action principle of Voltas.
III. 
Participatory Ground Water Management and
Sustainable Agriculture Programme:
The Company had initiated the Participatory Ground
Water Management and Sustainable Agriculture project
STATUTORY REPORTS FINANCIAL STATEMENTS
in 6 villages of Beed District of Maharashtra through
Action for Food Production (AFPRO), an independent
agency. This programme aims to build capacity of the
farmers through strategic interventions and technology
transfer for creation and efficient management of water
resources and promoting sustainable farming practices
to address or mitigate perennial drought situation in the
area. Beneficiaries were provided with water harvesting/
recharging structures within the village at community
level and individual level. Beneficiaries were also provided
with various trainings on better crop management,
vermicomposting unit and exposure visits to support
them in improving productivity and knowledge. Water
Committees were formed in each village which played a
vital role in identification of project sites and in convincing
the people to support in providing space for stream
widening and deepening.
programme on the lives of community/beneficiaries. A
mixed method approach leveraging both quantitative
and qualitative research was deployed. A sample size of
111 beneficiaries through quantitative survey and 284
samples were covered through qualitative method - 14
Focussed Group Discussions with 245 beneficiaries and
In-Depth Interviews with 6 Farmer Producer Organisations
members and 16 Panchayati Raj Institution members.
Additionally, 11 physical visits through purposive
sampling for Community level and individual level water
harvesting/ recharging structures and 6 vermicompost
units were conducted.
The key findings of PW for this initiatives are as under:
• Average monthly income has increased by 39%.
•  verage yield increased by 2697 kg in Rabi and
A
by 1042 kg in Kharif season. Average land under
irrigation increased from 2 acres to 4.2 acres, per
household.
•  opulation with potable water throughout the year
P
has increased from 10% to 65%.
•  opulation migrating for 4 to 6 months for livelihood
P
has reduced from 53% to 38%.
Annual Report 2022-23 137